Court No. - 29
Case :- WRIT - C No. - 27530 of 2019 Petitioner :- M/S. Mahi Food Products Respondent :- State Of U.P. And Another Counsel for Petitioner :- Ashok Kumar Pandey Counsel for Respondent :- C.S.C.,Sudha Pandey
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
The grievance of the petitioner is the notice dated 1.7.2019 of the respondent-bank whereby a sum of Rs.20,48,048.48 paise is being recovered as outstanding amount under the cash credit limit and Rs. 8,68,168/- under the term loan as on 30.6.2019.
Learned counsel for the Punjab National Bank was given time on the last occasion to receive instructions, she has filed short counter affidavit and states that as far as the term loan is concerned, the same shall be regularized after the petitioner deposits a sum of Rs.35,000/- and continues to pay the instatllments as originally fixed in regard to the cash credit limit.
She submits that as per the documents on record of the bank, the business of the petitioner has closed down, it is not possible to realize the same and the petitioner has to pay the entire amount.
Learned counsel for the petitioner is ready and willing to pay the entire arrears of the outstanding amount under the cash credit limit.
In view of the aforesaid facts and circumstances of the case, we dispose off the writ petition with the direction to the petitioner to deposit a sum of Rs.35,000/- as against the demand of Rs.8,68,168/- in respect of the term loan within a period of two weeks from today. On deposit of the amount, bank would consider the regularization of the said account and the petitioner would continue to pay the installments as originally fixed.
In regard to the cash credit limit, the amount claimed form the petitioner is Rs.20,48,048.48 paise. The petitioner is directed to deposit a sum of Rs.5,48,048.48 paise on or before 31st October, 2019 and the balance amount of Rs.15,00,000/- in three installments of Rs.5,00,000/- each payable in the month of December, 2019, March, 2020 and June 2020. The last installment will include the interest that may be accrued on the aforesaid outstanding amount during this period.
In the event of default of payment of any instalment, the benefit of this order would come to an end automatically.
The writ petition is disposed off. Order Date :- 26.9.2019 Ishan